Aon - credit insurance market grows as volatility increases

Aon | February 12, 2020

The credit insurance market continues to grow as volatility increases, according to a new report by Aon. Uncertainty around global affairs such as the trade tensions between the US and China and Brexit mean businesses – especially those looking to expand through international trade – are facing increased volatility, according to Aon. Changing purchasing behavior, increasing consumer expectations and digital transformation are also adding to the disruption. Businesses have to manage this uncertainty while continuing to invest in new sources of growth, putting increased pressure on balance sheets. Meanwhile, banks are reducing their exposure to corporate credit and trying to de-risk their own balance sheets, Aon said.

Spotlight

As insurance firms adapt to maturing markets and economic turbulence, in the long run, their ability to integrate technology, talent, and business-model innovation into legacy environments may be the key to success. The insurance industry remains resilient, continuing to generate growth around the world and maintaining overall profitability despite turbulence in the global economy.

Spotlight

As insurance firms adapt to maturing markets and economic turbulence, in the long run, their ability to integrate technology, talent, and business-model innovation into legacy environments may be the key to success. The insurance industry remains resilient, continuing to generate growth around the world and maintaining overall profitability despite turbulence in the global economy.

Related News

INSURANCE TECHNOLOGY

CSAA Insurance Group and Rick Astley Partner on Surprise Ad Campaign

CSAA Insurance Group and Deloitte Digital | August 18, 2022

CSAA Insurance Group has partnered with 1980s British legend Rick Astley to launch a new brand campaign across 17 U.S. markets. For the first time in 35 years, Astley and the top-rated AAA Insurance provider have released a new version of his beloved music video for his 1987 chart-topping hit “Never Gonna Give You Up.” The new video pays tribute to the original while spreading the good news about InsurAAAnce — the insurance that never gives you up! “Paying homage to my video for the AAA Insurance commercial from the set to the wardrobe has been an amazing trip down memory lane, The song has been so good to me, and I’m thrilled to be working with another iconic brand that has certainly stood the test of time.” -Astley It’s a collaboration that makes sense, as CSAA Insurance Group continues its 100-year streak of providing unbeatable service and support to customers in times of need. There’s no better way to celebrate this milestone than with the world’s most loveable meme. Rickified QR codes This week, Rickified QR codes are going up across the country, primed to unleash a familiar Rick Astley experience: the “Rickroll.” Anybody in one of the target markets can scan the codes to experience the brand-new music video themselves. The ”Rickroll” is one of the original internet memes that delighted internet users as a lighthearted prank. When receiving a disguised hyperlink, unassuming readers would click on it, expecting an unrelated topic, and instead get redirected to the “Never Gonna Give You Up” music video. As a testament to the joy that the meme has spread over the past 15 years, “Never Gonna Give You Up” has garnered over 1.2 billion views on YouTube and nearly 600 million streams on Spotify. We are thrilled to partner with Rick Astley to not only revisit the joy of his video, but amplify the incredible value that our customers receive with InsurAAAnce, And clearly, the indelible lyrics of ‘Never Gonna Give You Up’ are one of the best ways we can share that message,said Linda Goldstein, executive vice president, Customer Experience & Marketing, CSAA Insurance Group. The campaign, a concept of Deloitte Digital, was brought to life in part through a commercial directed by Joseph Kahn, winner of multiple Grammys, MTV VMAs, Clios, and Emmys. Deloitte Digital’s wealth of expertise in the insurance industry, as well as its deep capabilities in creative, data and technology, allow it to take a creative approach to advertising and activate new brand platforms across all customer touchpoints. An iconic and beloved brand meets an iconic and beloved artist. ‘Never Gonna Give You Up’ is exactly the promise InsurAAAnce makes to its customers: Legendary dependability that won’t let you down or desert you, We wanted to communicate that in a memorable way not only by recreating the legendary music video after 35 years (featuring Rick himself!), but also serving it in a manner that pays homage to how internet and meme culture has made Rick Astley its own,said Jones Krahl and Milton Correa, co-heads of Creative for Brand and Advertising at Deloitte Digital. About CSAA Insurance Group CSAA Insurance Group, a AAA Insurer, offers automobile, homeowners and other personal lines of insurance to AAA Members through AAA clubs in 23 states and the District of Columbia. Founded in 1914, the company has been rated “A” or better by A.M. Best for more than 90 years, and is one of the top personal lines property casualty insurance groups in the United States, according to the National Association of Insurance Commissioners. The company has been repeatedly named one of the 50 most community-minded companies in America by Points of Light. About Deloitte Digital Deloitte Digital helps companies create new growth by elevating the human experience — with connected ideas, technology and talent. Our ambition is to make the best customer-oriented organizations in the world. Alongside all of Deloitte, we foster the connections necessary to shape a better future for our clients, our culture, our society and our planet.

Read More

CORE INSURANCE

PCF Insurance Services' Earns Recognition as Industry Leader

PCF Insurance Services | September 22, 2022

PCF Insurance Services (PCF), a leading national insurance brokerage, was recently named a top 20 insurance broker on Business Insurance's "2022 Top 100 Brokers of U.S. Business" list. The list, which ranks companies by their 2021 brokerage revenue generated by U.S.-based clients, identifies the highest-grossing companies in the insurance industry. The company also placed within the top 15 on Insurance Journal's "2022 Top 100 Property/Casualty Agencies" list, which ranks companies by total property and casualty (P&C) agency revenue. With 2021 revenue of $590 million, PCF Insurance increased its Business Insurance ranking from No. 27 last year to No. 20 in 2022, representing the largest year-over-year jump among top 20 companies. The company's year-over-year revenue increase of more than 150% was also the largest percentage increase of any company in the top 20. PCF Insurance's 167% P&C revenue increase from $176 million in 2021 to $470 million in 2022 provided the momentum for the company to boost its standing in the Insurance Journal ranking from No. 20 last year to No. 13 in 2022. Over a three-year period, PCF Insurance has seen a 3,830% growth in revenue. "In just under four years, PCF has scaled from an agency with more than $10 million in revenue to a leading national insurance brokerage with annual revenue exceeding $640 million, This recognition is a testament to our pursuit thoughtful, value-accretive expansion and our partners' commitment to delivering best-in-class services to clients." -Peter C. Foy, Chairman, Founder and CEO of PCF Insurance The rapid ascension among the industry's leading brokerage firms is a testament to PCF Insurance's collaborative partnership model and culture. PCF Insurance has an intentional approach to attracting and bringing on entrepreneurial-minded, growth-focused agency owners who perform at a high level, deliver year-over-year increases in organic growth, and retain clients. PCF Insurance has earned a reputation as being a preferred partner for entrepreneurs because even though our partners are independent, everyone has a stake in the success of our organization, Our Agency Partners are the fuel to our success. They collaborate, share knowledge, and as a result, propel our growth strategy. Because when one of us grows, we all grow.,said Peter C. Foy. In addition to the expansion of its technology and infrastructure investments, PCF Insurance completed six acquisitions in 2019, 36 in 2000, 89 in 2021, and is on pace to complete more than 100 acquisitions this year. Of these acquisitions, XX% of these deals were a direct result of referrals from within the PCF partner network. To continue to add value and diversification to its network of offerings, PCF recently announced acquisitions of California-based Andreini & Company, Utah-based MGA United Underwriters, and specialty MGA Professional Warranty Service Corporation (PWSC). According to analysis by Chicago-based Optis Partners LLC. Through the company's collaborative structure, PCF Insurance currently serves more than 465,000 clients through its network of nearly 165 Agency Partners* across 37 states. About PCF Insurance Services A top 20 U.S. broker headquartered in Lehi, Utah, PCF Insurance Services is a leading full-service consultant and insurance brokerage firm offering a broad array of commercial, life and health, employee benefits, and workers' compensation solutions. Propelled by its people, PCF Insurance's agency-centric operating model and entrepreneurial environment support its tremendous growth profile, offering partners alignment through equity ownership, significant leadership incentives, and resources to over 3,100 employees throughout the U.S. PCF Insurance is a notable leader in the insurance space, ranked #20 on Business Insurance's 2022 Top 100 Brokers and #13 on Insurance Journal's 2022 Top Property/Casualty Agencies.

Read More

WORKERS COMPENSATION

Simply Business Partners with biBERK to Offer Workers' Compensation Coverage to Small Business Customers

Simply Business and biBERK | September 27, 2022

Simply Business, LLC., a Boston-based digital insurance agency focused on small businesses, today announced the launch of a partnership with biBERK Business Insurance, a Berkshire Hathaway company, to offer workers' compensation products online to small business owners in the United States. Through this new partnership, small business owners can receive a biBERK workers' compensation quote through the Simply Business website. They also have the option to digitally bind policies and speak to a licensed insurance agent to ensure that the coverage they've selected best meets the needs of their business. "We're committed to helping small businesses grow by providing specially tailored insurance solutions, and this new partnership makes it easier for our customers to get exactly what they need, With the help of biBERK, we're able to provide more comprehensive coverage to entrepreneurs across the country." -David Summers, Group CEO of Simply Business This offering is currently available to small business owners in Washington D.C. and all 46 states where private carriers are eligible to operate. About Simply Business Simply Business is changing the way small business owners find business insurance by offering customers tailored insurance coverage online. The company began in the United Kingdom and expanded to the United States in 2017, naming Boston home. With over 850,000 customers globally, Simply Business has become a leader in the space through its commitment to a customer-first model, focusing heavily on simplicity, choice and value. biBERK biBERK is a small business insurance company that's part of the Berkshire Hathaway Insurance Group. All of Company's major insurance subsidiaries are rated A++ by A M Best Company with millions of customers and over 75 years of insurance experience.

Read More